By the way Electrolux its just a probability play, and I like the bottoming type pattern, I'm long at 16900 with a 50 point stop. There is no obvious direction, indicators are oversold, Dow on support I think there is a upside bias so I'm prepared to risk 50 point if I,m wrong. Its only money.
I c venice. thx for your response. still lerning the game. what do you mean of the bottoming pattern? All I see is a trading range from 16966 to 16883. in this range the did look like some type of inverse h&s that was potentially forming, but that has failed now.
Selling momentum has decreased with 16900 acting as support so I'm betting on a bounce (not a rally) off these levels. As I speak I have to say I'm beginning to lose faith but will be true to my stop. Just remember trading isn't predicting and being right all the time its about closing the bad trades early and letting the good ones run. No setups are 100% just a likelyhood but if you wait for confirmation all the time you will miss most of the moves. So I took the trade time will tell if not then on to the next one.
Well I hope we dont get another setup like yesterday afternoon. tight trading range with momentum slowing then only to to do a fake sucker break up then closing at the lows and opening by gapping down tomorrow.